Trump Likely to Meet Xi in South Korea as Trade Tensions Simmer

U.S. Treasury Secretary Scott Bessent confirmed that President Donald Trump is “ready to meet” Chinese President Xi Jinping in South Korea later this month, despite recent friction over trade and rare earth export controls. Reuters+2Reuters+2
The proposed meeting is expected to take place on the sidelines of the upcoming APEC summit in Gyeongju, South Korea. Financial Times+2Reuters+2
Talks between U.S. and Chinese officials have increased, with Bessent saying there’s been “substantial communication” to de-escalate tensions. Reuters+2Al Jazeera+2
This development comes after China enforced stricter export licensing on rare earth minerals, a move that triggered threats from Trump of 100% tariffs on Chinese goods starting November 1. Reuters+2Financial Times+2
While Trump at times said there was “no reason” to meet Xi amid the escalation, he hasn’t formally canceled the proposal, signaling cautious diplomacy. Reuters+2Reuters+2
Market watchers see the meeting as a possible turning point: success could soothe trade tensions and support stability, but failure or missteps could reignite the confrontation.
For local context: the 2025 APEC Summit in South Korea is scheduled for October 31 – November 1 in Gyeongju.